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Finance committee warns state proposals to cut property taxes could cost Stow millions
Summary
Finance committee members and staff discussed a taxpayer petition and House legislation that would reduce or eliminate real estate taxes. City staff told the committee that Stow’s inside millage yields roughly $10 million and that eliminating it would remove an estimated $8.3 million for the general fund plus other dedicated amounts.
Stow’s Finance Committee reviewed a staff briefing on proposals and a taxpayer petition that could eliminate real-estate property taxes or the city’s inside millage and discussed potential local impacts on June 12, 2025.
Finance Director Mr. Parenak described the stakes: the city’s inside millage base produces about $10,000,000 in revenue. Using 2025 receipts as an example, he told the committee that losing the inside millage would remove an estimated $8,300,000 from the general fund and about $422,000…
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